REG - Kinovo PLC - New direct award contract win of up to £12 million

KinovoAnnouncement

16/09/2024 07:00

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RNS Number : 2324E  Kinovo PLC  16 September 2024

16 September 2024

 

("Kinovo", the "Group" or the "Company")

New direct award contract win of up to £12 million

 

Kinovo Plc (AIM: KINO), the specialist property services Group that delivers
compliance and sustainability solutions, is pleased to announce that it has
been awarded a new contract worth up to £12 million over 18 months by the
London Borough of Hackney.

The contract falls under the Company's Regeneration and Renewables pillars and
was awarded through the National Housing Maintenance Forum's Net Zero Carbon
Framework Lot 5A, where the Company holds the top ranking for Planned
Maintenance, Net Zero Carbon and Passive Safety Works.

Delivered as part of Wave 2.1 under the Social Housing Decarbonisation Fund
("SHDF"), the contract is for a range of Net Zero Carbon works including the
installation of triple-glazed windows, energy efficient boilers and upgrading
renewable energy systems, covering over 300 properties.

This new award is expected to mobilise in financial Q3 and replaces a contract
with the London Borough of Hackney, which had been worth £6 million per
annum, was out for retender in March 2024, then subsequently divided into two
lots and has yet to be formally awarded to any party.

This award had been incorporated within the Company's previously disclosed
three year visible revenues and thus underpins the Directors' expectations for
the current financial year and contributes towards the subsequent financial
year.

In addition to the above SHDF agreement, Kinovo has also been awarded a
further new contract under competitive tender, with a value of up to £400,000
per annum over an initial term of 2 years, with a possible one-year extension.
Involving responsive repair works to council dwellings and common areas, this
will provide additional capacity to Hackney's in-house Direct Labour
Organisation.

David Bullen, Chief Executive Officer of Kinovo plc, commented:

"We are delighted to continue our strong partnership with the London Borough
of Hackney to deliver retrofit works and sustainable solutions. The Company
continues to target driving organic growth with current and prospective
partners. We remain well positioned to continue strengthening our current
relationships, delivering new key contract wins and diversifying our customer
base further as we continue to deliver our growth strategy."

 

Enquiries

 

 Kinovo plc
 Sangita Shah, Chairman                                          +44 (0)20 7796 4133

 David Bullen, Chief Executive Officer                           (via Hudson Sandler)

 Canaccord Genuity Limited (Nominated Adviser and Sole Broker)   +44 (0)20 7523 8000
 Adam James

 Andrew Potts

 Harry Rees

 Hudson Sandler (Financial PR)                                   +44 (0)20 7796 4133
 Dan de Belder

 Harry Griffiths

 Will Reynish

 

 

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